{
  "title": "Turkey: Staff Report for the 2014 Article IV Consultation",
  "publication": "IMF Staff Country Reports, December 5, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-staff-report-for-the-2014-article-iv-consultation-42493",
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  "summary": "This 2014 Article IV Consultation highlights that Turkey’s economy has grown on average by 6 percent annually since 2010, but this has come at the expense of a large external deficit, making the economy sensitive to changes in external financing conditions.",
  "publishDate": "2014-12-05",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Turkey’s economy has grown on average by 6 percent annually since 2010.\n- Growth has come at the expense of a large external deficit, making the economy sensitive to changes in external financing conditions.\n- Macroeconomic policies have been too accommodative.\n- Inflation is high and well above the authorities’ target.\n- Real policy interest rates remain negative.\n- The exchange rate continues to be stronger than suggested by fundamentals."
    },
    {
      "heading": "Risks and vulnerabilities",
      "content": "- Main risk: a capital flows reversal, associated with monetary policy normalization in advance economies or changes in the country risk premium.\n- Other risks:\n  - Slower European growth.\n  - Geopolitical issues.\n  - The strength of the policy framework."
    },
    {
      "heading": "Policy implications and priorities (implicit in staff assessment)",
      "content": "- Reassess macroeconomic policy stance to reduce vulnerability to external financing shifts.\n- Tighten monetary policy to address high inflation and negative real policy interest rates.\n- Allow exchange rate adjustment toward levels suggested by fundamentals to reduce external imbalance pressures.\n- Strengthen policy framework to mitigate risks from external and regional shocks."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Date: December 5, 2014\n- Pages: 79\n- Volume: 2014\n- Issue: 329\n- Series: Country Report No. 2014/329\n- DOI: https://doi.org/10.5089/9781484304501.002\n- Stock No: 1TUREA2014001\n- ISBN: 9781484304501\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords covered",
      "content": "- Subjects: Balance of payments; Banking; Current account deficits; Fiscal policy; Fiscal stance; Foreign exchange; Inflation; National accounts; Prices\n- Keywords: contribution to the headline figure; CR; Current account deficits; deficit; Europe; fiscal policy; Fiscal stance; FX; FX pass-through; FX rollover problem; GDP in U.S. dollars; Global; IFC CPS; Inflation; inflation rate; ISCR; Middle East; North Africa; percent GDP; PPI inflation; price\n\nTurkey: Staff Report for the 2014 Article IV Consultation (IMF Staff Country Report 2014/329), December 5, 2014. DOI: https://doi.org/10.5089/9781484304501.002\n\n---\n\n Content in this bundle\n\n- Turkey\n  - Turkey (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Turkey (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-staff-report-for-the-2014-article-iv-consultation-42493"
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    "Published: December 5, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484304501.002",
    "Turkey’s economy has grown on average by 6 percent annually since 2010.",
    "Growth has come at the expense of a large external deficit, making the economy sensitive to changes in external financing conditions.",
    "Macroeconomic policies have been too accommodative.",
    "Inflation is high and well above the authorities’ target.",
    "Real policy interest rates remain negative.",
    "The exchange rate continues to be stronger than suggested by fundamentals.",
    "Main risk: a capital flows reversal, associated with monetary policy normalization in advance economies or changes in the country risk premium.",
    "Other risks:",
    "Reassess macroeconomic policy stance to reduce vulnerability to external financing shifts.",
    "Tighten monetary policy to address high inflation and negative real policy interest rates.",
    "Allow exchange rate adjustment toward levels suggested by fundamentals to reduce external imbalance pressures.",
    "Strengthen policy framework to mitigate risks from external and regional shocks.",
    "Date: December 5, 2014",
    "Pages: 79",
    "Volume: 2014",
    "Issue: 329",
    "Series: Country Report No. 2014/329",
    "DOI: https://doi.org/10.5089/9781484304501.002",
    "Stock No: 1TUREA2014001",
    "ISBN: 9781484304501",
    "ISSN: 1934-7685",
    "Subjects: Balance of payments; Banking; Current account deficits; Fiscal policy; Fiscal stance; Foreign exchange; Inflation; National accounts; Prices",
    "Keywords: contribution to the headline figure; CR; Current account deficits; deficit; Europe; fiscal policy; Fiscal stance; FX; FX pass-through; FX rollover problem; GDP in U.S. dollars; Global; IFC CPS; Inflation; inflation rate; ISCR; Middle East; North Africa; percent GDP; PPI inflation; price",
    "**Turkey**"
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